Looking back, looking forward

John Uprichard and Nar Almeida look back on the successes of 2013 and look forward to the potential the next year holds

 

2013 was a landmark year for Kane LPI Solutions and also saw a resurgence in the use of offshore structures in an increasingly dynamic and competitive marketplace. The year saw an influx of new players into the market in response to heightened demand resulting from both increasing capital and a growing confidence in offshore solutions.

From a regulatory perspective, while numerous developments impacted the sector, perhaps the most significant were: the new reporting regime and withholding tax introduced under US FATCA;  increasing emphasis on AML regulation and compliance requirements also continued; whilst a growing number of information exchange agreements served to further strengthen the offshore market’s credentials through greater transparency.

For Kane’s LPI division, there were a number of major developments that marked 2013 as a milestone year for the organization. “Perhaps the most significant development,” believes Nar Almeida, head of sales and marketing in the LPI team, “was the establishment of Kane LPI Solutions Limited in Bermuda. The move reflected the strong growth we had achieved across our administration services and further strengthened our market presence.”

“2013 also saw us extend our administrative reach,” says John Uprichard, Managing Director of Kane LPI Solutions, “with the launch of our new fund administration arm in Bermuda and the appointment of Matthew Charleson to head up this service line. The fund team have been quick off the mark and have already secured a number of new funds since the October launch.”

The MENA-based compliance team, he adds, also had a solid 2013. The appointment of David Cafferty in May to head up the Compliance Advisory Service team helped secure a wide range of clients including brokers, underwriters and reinsurers.

 

“Our focus will continue to be on expanding and enhancing our service offerings and achieving product delivery innovation across our IMS platform”

 

Kane LPI Solutions continued its focus on client-driven product innovation, enhancing its services and extending the capabilities of its IMS web-based platform to facilitate improved customer interaction through its new module IMS Connect. These advances not only secured new clients, but also facilitated new projects with existing clients, such as the complete migration of one organization’s front-end system onto the IMS platform.

The year concluded with Kane LPI Solutions successfully concluding its first SOC 1 (Service Organization Controls Report) audit of its Service Centers enabling the division to display the AICPA/SOC Seal on its website – a fitting end to a successful year.

Looking ahead, Nar expects 2014 to be a year of continued growth in the offshore arena, spurred on by new entrants into the market – both clients and solution providers – and a push for greater product innovation to meet demand and stimulate further growth. Regulation will continue to be a key influencing factor on market developments, with other jurisdictions such as the UK adopting their own variations of FATCA, whilst AML requirements and compliance will remain a key focus.

“At Kane LPI Solutions,” says John, “our focus will continue to be on expanding and enhancing our service offerings and achieving product delivery innovation across our IMS platform. Furthermore, we will seek to maintain the strong growth we have achieved in both our new fund and compliance operations.” 2014, he adds, will also see the benefits of the IMS Connect module come to the fore; while IMS NAV, our system built to support the formation and underlying reconciliation of the Net Asset Value of a fund, will gain further market traction as we continue to focus and grow that arm of our business.

2013 has certainly been a year in which Kane LPI Solutions has secured its market platform. As we enter 2014, the goal will be to capitalize on these foundations and continue the upward trajectory of our business.